A collaboration between Alexander Development Group, The Bluestone Organization, and JP Morgan Asset Management has successfully obtained a $93 million loan to refinance 42 West Broad St., an upscale 16-story rental property in Mount Vernon, New York. The loan was provided by Canadian institutional lender Otera Capital.
Located in the desirable Fleetwood neighborhood, 42 West Broad St offers a total of 249 units ranging from studios to three-bedroom apartments. Spanning over 20,000 square feet of space dedicated to amenities such as a fitness center and heated pool on the rooftop deck with outdoor kitchens and dining areas. Other features include an upper-level lounge with billiards and kitchen facilities for entertaining guests, co-working spaces for residents’ convenience along with private conference rooms and library access. Additionally,a courtyard garden is available for relaxation purposes while community events can be held at the community room.
This property stands out as it is designed according to Passive House standards – making it the first Class-A apartment community in the U.S.to do so.JLL facilitated this financing through their team led by Kellogg Gainesand Geoff Goldstein.The post highlights that this Westchester multifamily property has secured $93M refinancing without mentioning any specific organizations or locations involved.
